N125bn SMEs grant: Act fast to save dying businesses – ACCI

The Abuja Chamber of Commerce and Industry (ACCI) has called on President Bola Ahmed Tinubu to swiftly implement the N125bn grant for Small and Medium-sized Enterprises (SMEs) to save many businesses that are at the verge of shutting down.

Daily Trust had reported that President Tinubu in a national broadcast last week announced a N125bn SMEs intervention grant as part of efforts to cushion the effect of fuel subsidy removal, out of which it will spend N50 billion on the Conditional Grant to one million nano businesses between now and March 2024.

The president of ACCI, Dr Al-Mujtaba Abubakar, in a statement while reacting to the nationwide broadcast by the president, called for the speedy implementation of palliatives and collaboration with the Corporate Affairs Commission (CAC) for the effective implementation of the grants.

While commending President Tinubu for his empathy and determination to turn around the economy and make it competitive and productive, he stressed the need for “Government to speed up the implementation of various palliative packages to boost economic activities as many businesses have shut down and more are on the verge of shutting down due to subsidy removal as they keep struggling to meet up obligations.”

Dr Al-Mujtaba further advised the president to hasten up the National Gas Expansion Programme (NGEP) to reduce carbon emissions and attract Foreign Direct Investments (FDIs).